BROOKFIELD, WI—Plaza 173 in Brookfield has had a few rough years. The former owners of the suburban shopping mall saw several of their largest tenants, including Blockbuster and Comp USA, go under and declare bankruptcy. A foreclosure lawsuit on the center by Wells Fargo followed, and according to The Business Journal, the 10-acre property was recently sold in a sheriff's auction for $4.8 million.
Chicago-based HSA Commercial Real Estate and commercial mortgage lender Innovative Capital Advisors formed a joint real estate fund that purchased the 92,000-square-foot power center located at the northwest corner of Bluemound Rd. and Calhoun Rd. And the new owners say it's time to restore this property to health.
"Plaza 173 has been under-utilized for years, but our team is in the process of creating an exciting redevelopment and leasing strategy that will allow us to capitalize on the tremendous location and market co-tenancy that this property has to offer," says Tim Blum, executive vice president with HSA Commercial.
Although Plaza 173 currently has several vacant blocks of space, it also retains some national retailers. Dunham's Sports, Men's Warehouse, Famous Footwear and Kessler Jewelers, for example, still call it home. Furthermore, it sits on Bluemound Rd., the major retail thoroughfare in Brookfield, alongside many other national retailers and near the 1.1-million-square-foot Brookfield Square Mall.
This won't be HSA's only attempt to revive a Milwaukee-area property. In April, GlobeSt.com reported the company's effort to convert obsolete warehouse space in the region into upscale retail.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
